CPF Revenues On The Upswing

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Peconic Bay Community Preservation Fund revenues increased 49 percent for the first eight months of 2013, compared to the same time period in 2012. Revenues for the first eight months of 2013 were $58.53 million. During the first eight months of 2012, $39.27 million in CPF revenues were collected.

According to information provided by New York State Assemblyman Fred W. Thiele Jr., the number of transactions for the first eight months of 2013 also rose from the corresponding period last year. There were 5,472 transactions during the first eight months of 2013, compared with 4,057 during the first eight months of 2012.

In a press release issued last week, Assemblyman Thiele stated that CPF revenues were on an uptick. He predicted that the numbers would bode well for the CPF, bringing in revenues significantly higher than in the past five years.

“CPF revenues are on track to produce $85–$90 million, the highest annual total since 2007 before the Great Recession,” he wrote.

CPF numbers for East Hampton Town rose from $12.33 million during the first eight months of 2012 to $18.84 million during the same period in 2013, a 52.8-percent increase. During the same period in Southampton Town, CPF numbers rose from $22.64 million to $34.07 million, an increase of 50.5 percent.

Shelter Island Town showed the largest increase. CPF revenues were $.73 million in the first eight months of 2012, rising to $1.49 million during the same time period in 2013, a 104.1-percent increase.

Riverhead Town and Southold Town CPF revenues also both rose this year. Riverhead collected $1.11 million in CPF revenues in the first eight months of 2012 and $1.62 million in 2013, a 45.9-percent increase. Southold Town showed the smallest change, with $2.47 million collected in the first eight months of 2012 and $2.5 million collected during the same period in 2013, a 1.2-percent increase.

Since its inception in 1999, the Peconic Bay Regional Community Preservation Fund has generated $847.83 million.

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